Revolut eyes Switzerland in continued global expansion

Fintech company Revolut is looking to expand its presence in Switzerland, making a significant investment of $182 million over the next five years in the Swiss market. The UK-based firm has applied for a Swiss banking license as part of its ongoing global expansion strategy, aiming to set up authorized banking entities in various countries, including Colombia, the US, France, Peru, the UK, Australia, and Mexico.

Revolut already serves over 1.3 million customers in Switzerland through its banking subsidiary, Revolut Bank UAB, which holds a license in Lithuania.

Obtaining a Swiss banking license would enable Revolut to offer Swiss IBANs, salary accounts, e-bills, merchant acquiring, and deposit protection under the country's stringent regulations. Additionally, the company plans to invest more than 150 million Swiss Francs ($182 million) in Switzerland within the next five years to create local jobs and support product development. Revolut intends to hire several senior leaders to further strengthen its local banking operations.

According to Revolut's Chief Commercial Officer David Tirado, the new banking license, combined with their existing licenses across Europe, would enhance their compliance, governance, and regulatory framework. General Manager for Switzerland Julian Biegmann stated that with a Swiss license, Revolut would become a true Swiss bank, providing its more than 1.3 million customers with a superior banking product tailored for the Swiss market.

Revolut's ambitious expansion plans come just days after the fintech disclosed a data breach that affected nearly 700 customers globally, including 12 in Ireland. In a community alert, the company explained that it inadvertently disclosed sensitive customer data to an unauthorized party after responding to a phishing email. The stolen information included full names, dates of birth, occupations, addresses, contact details, passports, driver's licenses, financial statements, and facial verification images.